In re Town of Belleair

The town of Belleair, Florida, filed a petition in bankruptcy under the provisions of the Municipal Bankruptcy Act, 11 U.S.C.A. § 401 et seq., alleging insolvency, and submitted a plan of composition. The plan was referred to a master to take the evidence and report his conclusions. The master’s report was excepted to in certain particulars by the town and about eight of the creditors. After a hearing, the Court was of the opinion that the plan discriminated unfairly against the non-property holding bondholders, whose bonds should be refunded at a higher rate than the property holding…